Silvertown Private Finance

Meeting:

MQT on 2019-03-21

Session date:

March 21, 2019

Reference:

2019/6082

Question By:

Caroline Russell

Organisation:

City Hall Greens

Asked Of:

The Mayor

Question

In 2018 HM Treasury announced it would no longer use Private Finance 2 (PF2), the current model of the Private Finance Initiative. HM Treasury has now told the Public Accounts Committee that it expects to provide clear data on the standing of Private Finance by Summer 2019. The Silvertown Tunnel is still set to be financed using a PF2-derived mechanism. Does it make sense to continue with this road tunnel even when the funding mechanism isn’t currently supported by HM Treasury?

Answers

Answer for Silvertown Private Finance

Answered By:

The Mayor

Date:

Tuesday, 26th March 2019

Officers are drafting a response.

Silvertown Private Finance

Answered By:

The Mayor

Date:

Tuesday, 26th March 2019

The Chancellor’s announcement in the autumn budget related to Public-Private Partnerships (PPPs) funded by national government. The Silvertown Tunnel is expected to be entirely funded from charges payable by its users, and no support is required from HM Treasury. The Transport for London Board made the decision three years ago that a design, build, finance and maintain contract with a private sector partner would be the best value way of delivering the benefits of the Silvertown Tunnel without impacting the rest of the TfL investment programme, and that remains the view today.